Is it true that mortgage rates tend to go down in the summer?

Hello,No, rates are traded real time each business day (similar to the stock market or the oil market--they go up and down each day). Right now, the general trend is that rates are going up and most industry analysts anticipate they'll continue to go higher. If you are interested in speaking to me about what options you may be eligible for, please feel free to contact me at 405.308.4208; Nicholas Utesch, Mortgage Specialist; Progressive Financial--OKC NMLS ID #216693/214427

No.. I've never heard that, and being in the financing industry for years, I've never seen that either... Interest rates are based on the trading of Mortgage Backed Securities (MBS).. which is in the bond market category.. When the stock market is doing poorly, investors flock to the safer, more stable "Bond Market" where MBS's lye.. But when the stock market is doing well, as it is right now.. then the bond market get's ignored.. in order to attract buyers, they raise the rates in which that these bond's pay.. resulting in higher mortgage rates.. If you are thinking about buying something, I would advise you to get in now.. every indicator we watch is pointing to higher rates in the short and long term.. and as rates rise, it takes away your buying power.. and effectively, you qualify for less. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893